Bargain properties still available in region with top growth suburbs

HOUSE hunters still have the chance to snap up bargain buys in a region where median prices are soaring.

Real estate agent Peter Diamantidis at a Lethbridge Park home which hit the market this year. Picture: Phil Rogers

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MT DRUITT suburbs are some of NSW’s top property growth areas, yet buyers can still snap up bargains there for $500,000 or less.

Whalan’s median house price soared 21.6 per cent in the 12 months to July to $480,000, latest CoreLogic RP Data statistics reveal.

The figure was almost triple Sydney’s 8.7 per cent rise while Tregear, Emerton, Colyton, Mt Druitt, Blackett, Lethbridge Park and Erskine Park experienced more than 10 per cent growth over the same period.

The three-bedroom house at 25 Colbeck St, Tregear fetched $470,000 in September.

Research by property advisory firm Charter Keck Cramer found Mt Druitt had one of the highest compound growth rates between 2011 and 2016.

Another recent study by Finder.com.au named Willmot as the only remaining “affordable” suburb in Sydney.

Raine and Horne St Marys’ sales manager Peter Diamantidis said that, despite the price jump, the Mt Druitt area remained “the cheapest place to buy”.

“What’s happening now is everyone is out this way trying to buy an investment or first home for under $500,000,” he said.

No. 220 Captain Cook Drive, Willmot was snapped up for $411,250 earlier this month.

“You can start off at that early $400,000-mark and get a basic three-bedroom house on about 580sq m.

“You start getting up around the high $400,000s for maybe a four-bedroom house with a double garage or an in-ground pool.”

Mr Diamantidis said nine nearby suburbs, including Tregear and Emerton, had ex-public housing homes built 40-48 years ago, which was why there was still ample property — for now.

“Two years ago the entry level price would have been ... in the early $300,000s.

“Ten years ago, I was selling properties from about $190,000 to $210,000 or $220,000; it was very cheap.”

The inside of the three-bedder at 47 Ellsworth Drive, Tregear, which will go to auction on October 29. The 575sq m property also has an in-ground pool.

■ Willmot’s median price is $413,000 compared to Ropes Crossing’s $629,950

■ Tregear, Shalvey, Blackett and Lethbridge Park have current medians between $440,000 and $450,000

■ Houses in these suburbs are selling the weekend they hit the market